Commodity Trading Tips for Wheat by KediaCommodity

Commodity Trading Tips for Wheat by KediaCommodityWheat yesterday traded with the positive node and settled 0.34% up at 1190 on buying support amid firm spot market demand. Expectations of a record output due to favourable weather in north India is weighing on sentiment. India's Wheat production may be affected by the dry spells along with smoggy condition due to the ongoing winter season, according to weather experts. Due to favourable weather conditions during 2010-11 wheat production in Punjab had climbed to highest ever level of 164.72 lakh tonne with a yield of 46.93 quintals per hectare. In Delhi wheat prices gained 3.55 rupee to end at 1193.55 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1187 after opening at 1191, and finally settled at 1190. For today's session market is looking to take support at 1187.7, a break below could see a test of 1185.3 and where as resistance is now likely to be seen at
1191.7, a move above could see prices testing 1193.3.

Trading Ideas:

Wheat trading range is 1185.3-1193.3.

Wheat prices ended with gains on buying support amid firm spot market demand

Expectations of a record output due to favourable weather in north India is weighing on sentiment

Wheat production may be affected by dry spells along with smoggy condition due to ongoing winter season

In Delhi wheat prices gained3.55 rupee to end at 1193.55 rupees per 10 kg.